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- Copper to race higher towards $9,000 over 2021 – ANZ
Copper to race higher towards $9,000 over 2021 – ANZ
FXStreet reports that strategists at ANZ Bank believe demand recovery, president-elect Biden’s supportive foreign policy, prospects of additional fiscal support and American and Chinese climate policies are key factors shaping the industrial metals demand in 2021.
“We expect support from supply issues to diminish next year, with demand driving market tightness. Better economic activity will be key to supporting demand growth. China’s infrastructure investments and strategic restocking are keeping demand strong, while a growing focus on the green energy sector should keep investor sentiment high.
“Chinese demand for copper will be the dominating factor in 2021. Recent months have seen strong growth in sales of consumer goods and automobiles, and China’s infrastructure and grid investments have driven strong growth in demand, providing a solid base for 2021.
“Geopolitics could normalise, relatively speaking, in 2021. The president-elect has at least confirmed that the US-China relationship, which has been a key risk for all the metals since 2018, will not worsen. With accelerating economic growth, rising demand from new energy sector and limited geopolitical risk, copper prices could push towards USD9,000/t over 2021.”
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